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The Ethereum Classic price is up 12% in the last 24 hours to exchange hands for $20.84 at 7:45 a.m. EST.
ETC is rallying alongside Ethereum (ETH), its hard fork and the second-largest cryptocurrency by market capitalization. The push is similar to the Bitcoin (BTC) market, where Bitcoin forks such as Bitcoin Cash (BCH) and Bitcoin Gold are tracking upward with BTC.
$ETH about to run hard with the BlackRock ETF now on the horizon. Many asked me if it was too late to enter a position at $2000. My answer is no, but I think real multiples will be made by the original Ethereum, aka. Ethereum Classic $ETC. Current price is $19. Target $500-$700.
— Perpetual Flow (@PerpFlow) November 9, 2023
The native crypto for the Ethereum Classic ecosystem is ETC coin, powering the blockchain project that was created in 2016. This was when Ethereum’s blockchain split into two separate chains after a disagreement within its community.
Ethereum Classic is a smart contract platform supporting decentralized applications (DApps). It boasts a fixed supply of 210 million ETC coins.
For Ethereum Classic, the surge comes from spot Ether exchange-traded funds (ETF) euphoria. BlackRock, the world’s largest asset management firm with almost $10 trillion in assets under management (AUM), is the latest fund manager to reveal its for an Ether ETF, as revealed in a filing by Nasdaq.
UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023
It is worth considering that BlackRock rarely fails in such an application and has more than 590 approvals under its belt so far. The filing brings the total number of active Ether ETF applications to six, including Grayscale, Invesco, Hashdex, Ark Invest, and VanEck.
There are 5 other live spot Eth filings that i'm aware of:@vaneck_us @ARKInvest/ @21Shares @hashdex @InvescoUS/ @galaxyhq
andddd @Grayscale's filing to convert $ETHE.In no particular order.
— James Seyffart (@JSeyff) November 9, 2023
It is impossible to ignore the role of Grayscale’s win against the US Securities and Exchange Commission in the longstanding battle for approval to have its Bitcoin Trust (GBTC) converted to an ETF.
Key language in Nasdaq/iShares spot ether ETF filing…
Grayscale court win + SEC approval of ether futures ETFs should = spot ether ETF approval https://t.co/IUO0wixNCR pic.twitter.com/TclQyOfWjx
— Nate Geraci (@NateGeraci) November 9, 2023
Meanwhile, investors are elated with how Ethereum Classic is showing strength, with some anticipating more gains despite ETC being massively overbought.
$ETC (#EthereumClassic)'s prices showing signs of STRENGTH and remains here with a target @ $127.65 meaning an OVER 550% RUN can still be on its way to reach it… https://t.co/PvioLZIOqD pic.twitter.com/OndqHZkWxM
— JAVON⚡️MARKS (@JavonTM1) November 9, 2023
Ethereum Classic Price Prognosis With Equal Highs On The Horizon For ETC At $23.35
Based on the technical indicators, the Ethereum Classic price has the potential for more gains. The Relative Strength Index (RSI) at 82 shows that ETC is overbought, but its trajectory is still northbound, indicating there may be more gains incoming as buyers continue to flock to the scene.
Also, the Awesome Oscillator (AO) indicator is positive, with large volumes of green histogram bars suggesting bulls are leading the market.
Increased buying pressure above current levels could send the Ethereum Classic price further north. A decisive move above the $22.00 psychological level would pave the way for an extended move north for the cryptocurrency to clear the equal highs at $23.35. In a highly bullish case, the gains could extend for ETC to tag the range high at $24.25. Such a move would constitute a 25% climb above current levels.
Converse Case
Conversely, if the supply zone, extending from $17.91 to $20.98, fails to hold as a support level, the Ethereum Classic price could pull south, potentially flipping this order block back into a supply barrier or resistance. To confirm a rejection, investors should watch for a close below the mean threshold of this order block at around $19.45.
Rejection from this supplier congestion level would send the Ethereum Classic price south with the likelihood of losing the support offered by the 200-day Exponential Moving Average (EMA) at $17.48. Further south, the support offered by the confluence between the 50-day EMA and the horizontal line at $16.76 could also be lost, clearing the path for a retest of the 100-day EMA at $16.67. A break and close below this level would invalidate the current bullish outlook.
While Ethereum Classic rides the ETF wave, investors looking to get ahead of the narrative can use BTCETF, one of the best five crypto presales to buy now. Experts say this token has the potential to yield 10X returns.
Token holders will be rewarded once the US SEC approves the launch of a spot Bitcoin ETF. Notably, this could be very soon, with ETF specialist from Bloomberg Intelligence noting that the SEC has an eight-day window to approve it. And even if that eight-day window closes without approval, January 10 would be the deadline to watch, with a 90% chance of an approval by then, the Bloomberg analyst said.
The SEC's closing approval window prompts a 90% chance by Jan 10, 2024, per #Bloomberg.
As #BTC nears $36K, the #CryptoCommunity anticipates a potential game-changer.
In addition to that #BitcoinETF has also hit another milestone, raising over $200K! 🏆 pic.twitter.com/KWoDWm5pF1
— BTCETF_Token (@BTCETF_Token) November 10, 2023
Ethereum Classic Alternative
BTCETF is the native crypto for the Bitcoin ETF Token project, a new entrant in the presale space but with a big vision. It aims to revolutionize the crypto market by getting everyone prepared for the upcoming revolution in the crypto and stock market spaces even as Bitcoin ETFs strive to make digital assets more accessible for all traders.
Uncovering the secrets behind #BTCETF, as it not only readies itself for the #Bitcoin #ETF surge but also introduces staking incentives, fostering network resilience and steadfastness. ✨ pic.twitter.com/9UDNGsOOud
— BTCETF_Token (@BTCETF_Token) November 10, 2023
The BTCETF token is selling for only $0.005, with almost $240,000 already in the bag out of the stage’s $420,000 target. Join the community of forward-looking investors buying BTCETF with Ethereum and USDT stablecoin, or use your bank card here.
The SEC's closing approval window prompts a 90% chance by Jan 10, 2024, per #Bloomberg.
As #BTC nears $36K, the #CryptoCommunity anticipates a potential game-changer.
In addition to that #BitcoinETF has also hit another milestone, raising over $200K! 🏆 pic.twitter.com/KWoDWm5pF1
— BTCETF_Token (@BTCETF_Token) November 10, 2023
Featuring among the top five crypto presales to buy now, do not let a spot BTC ETF launch before you are part of the action. With Bitcoin price soaring, it is already a sign of how soon the product could go live, and the early birds will benefit the most.
#Bitcoin continues to soar as SEC's potential approval of multiple spot #BitcoinETFs fuels market optimism.
With $BTC crossing $36,700, all eyes are on the SEC's decision within the upcoming window.
Exciting times are ahead for the entire #Crypto world! 🚀#ETF #CryptoNews
— BTCETF_Token (@BTCETF_Token) November 9, 2023
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Also Read
- How To Buy Bitcoin ETF Token – BTCETF Presale Review
- 3 Reasons Bitcoin Price Can Surge To $40,000 This Month, While Investors Shift $20,000 into Bitcoin ETF Token ICO
- Ethereum Price Soars Almost 10% To Cross $2,000 As Nasdaq Filing Reveals BlackRock’s Spot Ethereum ETF Application
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